This past month, the Fraser Valley housing market saw an increase in demand towards single family detached homes as more buyers are seeing the value. The Fraser Valley Real Estate Board (FVREB) have released the March Statistics Report. We have added the key stats for the report below.

Key Stats:

Total Sales: 1,259 – an increase of 12% compared to March 2013

New Listings: 2,799 – a 2% increase compared to March 2013

Total Active Listings: 8,763 – a decrease of 8% compared to March 2013

Benchmark Prices

Popular Price Range for Single Family Detached Homes: $500,00 – $600,000

Detached Homes: $563,400 – an increase of 3.5% compared to March 2013

Townhouses: $297,100 – a decrease of 0.4% compared to March 2013

Apartments: $195,400 – a 4.3% decrease compared to March 2013

The President of the FVREB, Ray Werger, says, “Last March, sales of detached homes accounted for 55 per cent of sales of our three main residential property types and this year that increased to 58 per cent. It may not sound like much, but that translated into over 100 more sales. The property type that lost ground was townhouses. Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices.”

Werger adds, “We can’t emphasize enough that real estate is local. What’s happening with the Fraser Valley housing market in general may or may not be happening to the market for your home. Contact your local REALTOR® for detailed market information by community, neighbourhood and property type.”